topic Re: Cancel Days After Approval? in Credit Cards

Cancel Days After Approval?

ToxikPH — Wed, 03 Jul 2019 15:42:47 GMT

I recently got approved for the capital one venture card and holy crap I understand all the hate for them already. The annual fee is supposed to be waived for the first year but it posted on my account. After 20 minutes on the phone of them trying to convince me it wasn’t to be waived I got it removed. Is it crazy to cancel a credit card within a week of getting approved?

Re: Cancel Days After Approval?

Anonymous — Wed, 03 Jul 2019 15:49:53 GMT

I made the mistake of doing that with AMEX. Card reported anyway and I found myself on the naughty list for a year and ineligible for the BCE SUB despite never even using the card. I wouldn’t personally do it, especially since you got the issue fixed and that Venture SUB is a nice one.

Re: Cancel Days After Approval?

CreditInspired — Wed, 03 Jul 2019 16:00:18 GMT

There's no sense in cancelling because you already took a HP for it. Just SD it if you don't plan on using it.

Re: Cancel Days After Approval?

Remedios — Wed, 03 Jul 2019 16:09:44 GMT

@ToxikPH wrote:
I recently got approved for the capital one venture card and holy crap I understand all the hate for them already. The annual fee is supposed to be waived for the first year but it posted on my account. After 20 minutes on the phone of them trying to convince me it wasn’t to be waived I got it removed. Is it crazy to cancel a credit card within a week of getting approved?

It's great that they waived it as advertised, but what's your plan for next year?

Are you continuing on PC or them waiving fee indefinitely?

I am asking this because you mention cancelling even after they waived it (as they should for the first year), but it will be there next year.

Re: Cancel Days After Approval?

ToxikPH — Wed, 03 Jul 2019 16:13:09 GMT

I honestly plan on canceling all of my memberships with capital one. That includes my checking and savings. Honestly I don’t care about them black listing me or missing out on the bonus. I just want to make sure canceling it doesn’t make problems with other lenders.

Re: Cancel Days After Approval?

Anonymous — Wed, 03 Jul 2019 16:29:05 GMT

@ToxikPH wrote:
I honestly plan on canceling all of my memberships with capital one. That includes my checking and savings. Honestly I don’t care about them black listing me or missing out on the bonus. I just want to make sure canceling it doesn’t make problems with other lenders.

It will look like you churned and burned them. I wouldn't do it.

Re: Cancel Days After Approval?

Anonymous — Wed, 03 Jul 2019 16:35:01 GMT

@ToxikPH wrote:
I honestly plan on canceling all of my memberships with capital one. That includes my checking and savings. Honestly I don’t care about them black listing me or missing out on the bonus. I just want to make sure canceling it doesn’t make problems with other lenders.

Personal preference but, if they're giving you issues and angst then I would cancel them completely. I don't have time for games w/ lenders and have to spend time monitoring their actions down the road. It shouldn't have any effect on other lenders going forward at all. The only thing to keep in mind since you mentioned Checking w/ them is if you have payments being pulled from that account to make sure you go through all of your accounts and update them with the new info.

https://www.depositaccounts.com/checking/reward-checking-accounts.html

Re: Cancel Days After Approval?

Remedios — Wed, 03 Jul 2019 16:35:56 GMT

@ToxikPH wrote:
I honestly plan on canceling all of my memberships with capital one. That includes my checking and savings. Honestly I don’t care about them black listing me or missing out on the bonus. I just want to make sure canceling it doesn’t make problems with other lenders.

I dont know about savings or checking account issues, but you're cancelling Venture because you just got approved for HH, right?

You're certainly free to do so, but you should stop and ask yourself what happens if you displease Amex in some way.

Good luck

Re: Cancel Days After Approval?

wasCB14 — Wed, 03 Jul 2019 16:41:16 GMT

@Anonymous wrote:
@ToxikPH wrote:
I honestly plan on canceling all of my memberships with capital one. That includes my checking and savings. Honestly I don’t care about them black listing me or missing out on the bonus. I just want to make sure canceling it doesn’t make problems with other lenders.
It will look like you churned and burned them. I wouldn't do it.

If you do close it soon, at least stick around long enough to actually get the cash bonus.

As I see it...

Ideal: Earning a lot of bonuses while downgrading, PCing, and getting retention offers to keep accounts open and conceal one's treachery. (Of course, complexity and "crowding out" new lines are considerations.)

Okay: Getting a lot of bonuses but closing accounts.

Undesirable: Opening and closing accounts without getting bonuses.

Re: Cancel Days After Approval?

kdm31091 — Wed, 03 Jul 2019 17:00:57 GMT

There’s nothing to gain from closing it immediately, as the account will report regardless. That said if it’s stressing you out it isn’t really going to hurt anything credit wise to close it. You lose any utilization benefit but you really never had that benefit because the card was just opened.

It isn’t likely to cause an issue with other lenders but you don’t want to develop a pattern of opening and closing. Because that will a show bad pattern after awhile.

Re: Cancel Days After Approval?

pinkandgrey — Wed, 03 Jul 2019 20:41:42 GMT

I wouldn’t close it JUST because of the AF incident. However, if you don’t think you’ll use it, then I would close it.

Fun fact: I actually did this with this exact card. Shame on me for apping for Venture when I don’t even travel lol. But I closed it before the card even arrived. I. Don’t. Keep. Cards. I. Don’t. Use.

Re: Cancel Days After Approval?

Remedios — Wed, 03 Jul 2019 20:45:51 GMT

I thought you cancelled yours because of the low SL.

Re: Cancel Days After Approval?

FinStar — Wed, 03 Jul 2019 21:17:13 GMT

@Remedios wrote:
I thought you cancelled yours because of the low SL.

And I thought she cancelled it because Discover wasn't keen on the idea of polyamorous relationships with other CCs

Re: Cancel Days After Approval?

Remedios — Wed, 03 Jul 2019 21:25:48 GMT

🎵If you like it, then you shoulda put socks on it🎵

Re: Cancel Days After Approval?

simplynoir — Wed, 03 Jul 2019 21:26:47 GMT

@Remedios wrote:
🎵If you like it, then you shoulda put socks on it🎵

Queen Bey

Re: Cancel Days After Approval?

pinkandgrey — Wed, 03 Jul 2019 22:21:27 GMT

@Remedios wrote:
I thought you cancelled yours because of the low SL.

I did lol. In the other post I didn’t say WHY I closed it so soon.

Re: Cancel Days After Approval?

Hex — Wed, 03 Jul 2019 23:18:23 GMT

I recommend giving yourself a week before you decide. That way you won’t do anything rash because you are angry and you won’t regret it later. If in a week you still want to close it then do.

Re: Cancel Days After Approval?

wasCB14 — Thu, 04 Jul 2019 00:07:46 GMT

If a bank really upset me, I'd take more pleasure from finding ways to be a really unprofitable customer than from closing my account.

Close a card within days and the bank loses a few dollars of CSR time, paper, and postage.

Close after hitting minimum spend and in this case it's $500 off their balance sheet and onto mine.

Of course, I tend to be an unprofitable customer anyway (Amex and maybe Chase excepted).

Re: Cancel Days After Approval?

Jnbmom — Thu, 04 Jul 2019 00:11:07 GMT

@CreditInspired wrote:
There's no sense in cancelling because you already took a HP for it. Just SD it if you don't plan on using it.

Actually you probably took 3 hits.

Re: Cancel Days After Approval?

CreditInspired — Thu, 04 Jul 2019 00:40:55 GMT

@Jnbmom wrote:
@CreditInspired wrote:
There's no sense in cancelling because you already took a HP for it. Just SD it if you don't plan on using it.
Actually you probably took 3 hits.

I thought about that Jnbmom and I bet you're right.